Medicare Advantage, or Part C, is one of the Medicare options that many choose because it allows them freedom and choice when selecting coverage to be included within their policy. Making the right Medicare choice can save you thousands of dollars each year, so if you think that Medicare Advantage is right for you, it’s important to learn more about this option.
Medicare Advantage includes all of the coverage that Original Medicare does but also allows for other options to be added. These additional options include coverage for dental, vision, and hearing. Choosing Medicare Advantage means being proactive about your health insurance coverage and making the choice to enroll in an option that will allow you to build your own policy, tailored for your particular health situation.
Part B is one of the two parts that’s included within Original Medicare. Part B traditionally provides for some outpatient care areas, as well as some durable medical equipment. Just as with all Medicare parts, Part B is intended to save beneficiaries money. However, there are some costs that beneficiaries will need to pay in order to remain enrolled in their policy. One of these costs is the Part B premium. This premium is paid monthly, regardless of whether or not the beneficiary has used their coverage during that month.
The Part B premium
Medicare’s Part B premium is subject to change yearly. Every year, Medicare evaluates the costs for their policies, so that they can continue to provide for innovative treatments and ensure that their plans align with the current healthcare field.
There are a wide variety of policies within Medicare Advantage. Whether or not Medicare Advantage pays for the Medicare Part B premium will depend on the individual policy. While this is definitely an option and some will cover the entirety of this premium, not all policies will be like this.
A lot of Medicare Advantage policies do not have a premium. This is one of the facts that makes them very affordable to most. Just as with many health insurance policies, the cost of Part C will increase with the complexity of coverage included. If the policy that you select does include a premium, you will need to pay it, as well as the Part B premium.
Wondering if you can afford Medicare Advantage?
While Medicare Advantage is an excellent option for some, it’s not the right choice for everyone. Choosing the right insurance plan is important and involves an evaluation of your budget. Making sure that you can afford the monthly costs of an insurance policy is important, as you’ll be responsible for those fees for the entirety of the time you’re enrolled in the policy. Not paying for your health insurance policy could result in loss of coverage, so it’s important to remain updated on your bills.
If you’re not sure whether or not Medicare Advantage fits into your budget, give us a call.